Suderman:"Joe Biden Wants Tax Hikes Twice as Big as Hillary Clinton Proposed in 2016"

One of the recurring questions of the 2020 Democratic presidential primaries is whether the party has lurched too far to the left. 

This topic has manifested itself most prominently in the divide between the more progressive candidates, Sens. Elizabeth Warren (D–Mass) and Bernie Sanders (I–Vt.), and the relative moderates, former Vice President Joe Biden and South Bend, Indiana, Mayor Pete Buttigieg. It has largely taken the form of a debate over the merits of Medicare for All, a single-payer health care system that Warren and Sanders support and that Biden and Buttigieg do not. 

Warren’s rise over the summer, and the persistent strong support for Sanders, have given ammunition to Democrats favoring a sharper turn to the left. But Warren’s campaign has faltered following the release of her Medicare for All financing and transition plans. That and the contemporaneous rise of Buttigieg to the primary’s top tier have provided grist for the moderates. 

Yet the best way to answer the question may require another comparison—not simply between the candidates in today’s race, but between the current field and the 2016 nominee, Hillary Clinton, particularly on the issue of taxes. 

Earlier this week, Biden released a proposal to raise a slew of new taxes, mostly on corporations and high earners. He would increase tax rates on capital gains, increase the tax rate for households earning more than $510,000 annually, double the minimum tax rate for multinational corporations, impose a minimum tax on large companies whose tax filings don’t show them paying a certain percentage of their earnings, and undo many of the tax cuts included in the 2017 tax law. 

Biden’s tax hikes would raise about $3.4 trillion over a decade, slightly less than half of the $7 trillion in total tax hikes proposed by Buttigieg. Warren, meanwhile, would raise taxes by at least $26 trillion. Some reports put the figure as high as $30 trillion. Sanders estimates his health care plan alone could cost as much as $40 trillion

Full Commentary by Peter Suderman @ Reason https://reason.com/2019/12/05/moderate-joe-biden-wants-tax-hikes-twice-as-big-as-hillary-clinton-proposed-in-2016/

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